On December 2, Azerbaijani Economy Minister Mikayil Jabbarov highlighted advancing negotiations with the United Arab Emirates (UAE) on a Comprehensive Economic Partnership Agreement (CEPA) at an event marking the UAE's National Day.

Jabbarov emphasized that signing this agreement would promote trade liberalization, expand investments, and enhance market access for goods and services, fostering deeper economic cooperation.

Jabbarov noted the importance of the strategic partnership memorandum signed during UAE President Sheikh Mohammed bin Zayed Al Nahyan's visit to Azerbaijan in January, underscoring the robust bilateral relationship. He further mentioned establishing a $1 billion Joint Investment Fund in December 2023 between Azerbaijan Investment Holding and Abu Dhabi Development Holding Company to facilitate joint technology projects and advance economic collaboration.

The minister pointed out that the Joint Commission, which convened its 9th session in Shusha in August, remains a vital platform for strengthening bilateral relations. He also highlighted the expanding cooperation in sustainable development and energy security, areas with significant potential to achieve mutual goals.

Jabbarov praised the growing collaboration between ADNOC and SOCAR, the leading energy companies of the UAE and Azerbaijan, citing joint projects like the Absheron gas field and the SARB and Umm Lulu oil and gas fields. He also underscored Azerbaijan's commitment to transitioning toward a green economy, targeting a 40% reduction in greenhouse gas emissions by 2050.

The minister lauded the UAE's contributions to Azerbaijan's renewable energy sector, particularly through Masdar’s development of the 230 MW Garadagh Solar Power Plant, the first foreign-invested renewable energy facility in Azerbaijan and the largest solar power plant in the region. Jabbarov expressed confidence that cooperation with the UAE would continue to thrive, supported by mutual trust, a shared vision, and strong economic ties.

He concluded by emphasizing Azerbaijan's commitment to restoring its liberated territories as a hub for regional cooperation and prioritizing environmental protection in reconstruction efforts. The hosting of COP29 by Azerbaijan in 2024, following the UAE's hosting of COP28, reflects both countries' dedication to global environmental initiatives.